You are a commercial loans officer at a major bank. It is February 1. Olympic Curling Shop, located in Regina, has approached you with a request for a loan. The company manager brought in a balance sheet and a listing of income statement accounts. The companys year-end is January 31. (Note: Curling is an indoor sport played on an ice surface indoors only during winter months.)

		Olympic Curling Shop
		Balance Sheet
		As of January 31, 20xx
ASSETS				LIABILITIES AND EQUITY
Cash		$8,228		Accounts Payable		$206,080
Accounts Receivable		$368,280		Wages Payable		$46,480
Inventory		$42,480		Taxes Payable		$84,000
Total Current assets		$418,988		Total Current Liabilities		$336,560
Store Furnishings		$840,000		Long term debt		$284,000
Accumulated dep'n		($504,000)		Shareholders' equity		$134,428
TOTAL ASSETS		$754,988		TOTAL LIABILITIES & EQUITY		$754,988
	INCOME STATEMENT ACCOUNTS
	Salaries expense			$182,616
	Cost of Goods Sold			$740,740
	Depreciation expense			$69,322
	Sales revenues			$1,234,567
	Office expenses			$63,542
	Selling expense			$61,728
	Income tax rate			20%

Prepare an income statement in proper format. (2.5 marks). You have 40 lines space to answer.